Ted Bauman Advises Caution with Bitcoin
There is promise when it comes to moving money privately, safely, and without interference from the government when it comes to Bitcoin. Financial expert Ted Bauman points out that there is potentially a major problem that can keep the acceptance and growth of Bitcoin from being widespread.
The Bauman Letter
Bauman shares financial insights in his newsletter regularly. He has asked readers to think about a time when the general population is more accepting of Bitcoin. There is a potential downside to the positive aspect of Bitcoin gaining recognition, such as the time it takes to process transactions.
The processing time for Bitc can be up to twenty minutes or longer. Ted Bauman sees this as a problem. Major credit cards process thousands of transactions every second, which makes Bitcoin extremely slow compared to them. There are only seven transactions a second handled by Bitcoin, making ten minutes or more the common time it takes for a transaction to be completed. People could shy away from Bitcoin because it can take over forty minutes to process a single transaction.
Ted Bauman offered a solution for those fond of Bitcoin. The amount of time for processing could be decreased if the data blocks were made larger or the data was made smaller. Bitcoin miners are already working to come up with a solution to this problem. They are working to integrate technology that will move data to an extended block, reducing each one’s data.
Ted Bauman says that Bitcoin Cash, a new cryptocurrency, was the result. The goal was to decrease transaction times and came about after a strategy known as hard fork was initiated by the miners. Bitcoin prices are volatile, and there are wild swings in the market or cryptocurrency. Bauman advises caution.
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